Takeda Divests Eye Drug to Novartis for $5.3 Billion

In January, Takeda Pharmaceutical announced plans to sell about $10 billion worth of assets to offset some of the debt the company garnered in its $62 billion acquisition of Shire. On Wednesday, the Osaka, Japan company announced divestitures worth about $5.7 billion. Takeda entered into agreements with Swiss pharma giant Novartis and Ethicon. Novartis agreed to acquire Xiidra (lifitegrast ophthalmic solution) 5% product for $3.4 billion up front in cash and up to an additional $1.9 billion in potential milestone payments. Also, Takeda sold its TachoSil Fibrin Sealant Patch to Ethicon, Inc. for $400 million in cash. Takeda plans to take the proceeds from these sales and reduce its debt, the company said.